December 14, 2016 | 21:04 (GMT+7)
Vietsovpetro exploits 5 million tons of crude oil 2016
PANO – The Vietnam-Russia joint venture council Vietsovpetro held the 47th session on December 8 in Ba Ria – Vung Tau province.
On behalf of Vietsovpetro leaders, General Director Tu Thanh Nghia briefed participants on the business’ activities since early this year. Accordingly, Vietsovpetro has fulfilled its plans set for this year focusing major targets on exploitation drilling and increasing oil and gas reserves, supplying offshore oil plan, marine construction and more.
During the past 11 months, Vietsovpetro’s commercial drilling speed reached 2,547 meters per month (equal to 104.2% of the plan). This record commercial drilling speed of Vietsovpetro helps the Corporation minimize the drilling expenses.
This year, Vietsovpetro is expected to conduct over 91,4 thousand meters of exploitation drilling; complete 28 new oil wells as well as overhaul 18 times for drilling wells; fulfill targets of 5,04 million tons of oil and crude oil, collecting and transmitting to the shore 1.6 billion cubic meter of gas (equal to 127% of the plan).
In the first 10 months of 2016, Vietsovpetro could save USD 134 million and the saving amount is expected to increase to USD 138 million by the end of the year, exceeding 20% of the plan in comparison with USD 114 million of the assigned target of the Council.
At the 47th session, the Vietnam-Russia joint venture council of Vietsovpetro also approved a series of its key contents, targets and business activities in 2017. In addition, the council also adopted other targets on expanding activities and the five-year plan of the 2017-2021 period.
Translated by Lam Anh